Bulletin: Atlantia 2018 Results Weaken As Expected On Abertis Acquisition And Genoa Bridge Collapse

DUBLIN (S&P Global Ratings) March 13, 2019--S&P Global Ratings said today that the 2018 group results of Italy-based toll road and airport operator Atlantia SpA (BBB/Negative/A-2) were marked, as expected, by one-off effects related to the impact to date of the Genoa bridge collapse in August 2018 and takeover of Abertis. In our view, the 2018 results are not fully representative of Atlantia's creditworthiness. This is because Atlantia consolidates only two months of Abertis' earnings, while the debt includes the full amount of the Abertis group's financial liabilities including the €9.8 billion acquisition debt (prior to €2.7 billion completed or agreed non-core asset disposals). Pending full disclosure on the 2018 accounts, we continue to expect funds from operations (FFO) to

...DUBLIN (S&P Global Ratings) March 13, 2019--S&P Global Ratings said today that the 2018 group results of Italy-based toll road and airport operator Atlantia SpA (###/Negative/A-2) were marked, as expected, by one-off effects related to the impact to date of the Genoa bridge collapse in August 2018 and takeover of Abertis. In our view, the 2018 results are not fully representative of Atlantia's creditworthiness. This is because Atlantia consolidates only two months of Abertis' earnings, while the debt includes the full amount of the Abertis group's financial liabilities including the 9.8 billion acquisition debt (prior to 2.7 billion completed or agreed non-core asset disposals). Pending full disclosure on the 2018 accounts, we continue to expect funds from operations (FFO) to debt to reach 11%-12% in 2019-2020, which is aligned with our rating guideline. The financial performance of Italian motorways deteriorated, as signaled by our negative outlook on Atlantia, due to the 509 million impact...

Bulletin